The ARMs are back!
We can’t believe it either, but it seems many more are interested in the 5/1 and 7/1 conforming ARM products. Even With rates on the 30 year and 15 year well below 4.75% fixed it seems the attractive rates for the 5/1 arm at a near record 0 point option of 3.375% is attracting even the long-term home owner.
In recent months, and for months to come, many borrowers who took out a 3/1 arm or 5/1 arm in 2005-2007 are now coming due and the borrowers are forced to either take the increased rate or lock in another arm before they go up. With the market volatility it may make sence to lock in the rates for 3 or 5 years thus pushing out the decision to either sell the home when the arm matures or refinance.
Call one of our loan agents today to get a Florida Mortgage Rate quote on either one of these popular products. The payments will knock your socks off!
Example rates as of 03/11/2010:
5/1 ARM – $200,000 loan amount, 80% LTV, Excellent Credit, SFR, Primary Residence:
3.375% Rate (3.012% APR) 0 Points $1,213 in Fees
7/1 ARM – $200,000 loan amount, 80% LTV, Excellent Credit, SFR, Primary Residence:
3.625% Rate (3.111% APR) 0 Points $1,213 in Fees
EZZ Mortgage Company has written 602 articles on EZZ Financial
